Nigerian businessman Aliko Dangote is building a new refinery in the Lekki district of southwestern Lagos state. The refinery, that is to be finished in December 2019, is to become the world’s largest single oil refinery.
Although Nigeria is one of Africa’s largest oil producers, the country imports almost all its petrol due to poor maintenance of its four state-owned refineries. By building the refinery, Dangote hopes to tackle the long-standing problems in Nigeria’s energy markets.
Dangote’s oil refinery, with a capacity of 650,000 barrels per day, would also target export markets, most likely to western and central Africa. According to a report by BusinessLive, Dangote has acquired two oil fields in Nigeria from Shell to help supply the refinery.
Dangote, Africa’s richest man, has built his fortune on cement, flour milling, agriculture and real estate.
Further reading on businesslive.co.za